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we delivered 24.7% adjusted operating margin in the second quarter, also exceeding our outlook.
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2022 Q2
10 Sep 22
while there may be short-term risk of market share loss as a result of our choice not to promote, we believe there are certain long-term risks of brand erosion and model destruction once you begin down that path.
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2022 Q2
10 Sep 22
Results exceeded our revised guidance due to faster backlog relief despite a deteriorating macro environment. Gross margin expanded 350 basis points in the second quarter, primarily due to increase in product margins as we continue to resist promoting the business as demand trends continue to slow.
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2022 Q2
10 Sep 22
So when you are on a different path, it always makes you harder to be understood because nobody has seen it before. And I think we're on one of those paths
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2022 Q2
10 Sep 22
I don't want to play that game.
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2022 Q2
10 Sep 22
Our House's website? The whole business is on sale. The whole business is 25% to 35% off, every item on the website.
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2022 Q2
10 Sep 22
We have no seasonal inventory.
We have no summer inventory. We find no winter goods.
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2022 Q2
10 Sep 22
it's more implied scarcity. Yes.
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2022 Q2
10 Sep 22
And is there a point at which you might have to start to restrict supply of your products in order to further exercise pricing power much in the way that luxury goods are able to command the margins that they're able to command by the scarcity associated with the value of their products?
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2022 Q2
10 Sep 22
maybe is our demand going to look softer than others over a period of time? Yes.
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2022 Q1
10 Sep 22
It was things shipped faster
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2022 Q1
10 Sep 22
it wasn't demand. It wasn't an increase in demand that helped us
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2022 Q1
10 Sep 22
how much of that was fulfilling backlogs and versus current demand trends throughout the quarter?
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2022 Q1
10 Sep 22
the last thing you want to do when you're trying to build a brand like ours and trying to scale, as we say, the luxury mountain is you have to remain disciplined about brand perception, desirability, and you just can't fall into a discounting phase.
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2022 Q1
10 Sep 22
we expect the next several quarters to pose a short-term challenge
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2022 Q1
10 Sep 22
the demand slowed at the beginning of the war, softened further as the next couple of months
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2022 Q1
10 Sep 22
some of the backlog relief that occurred in Q1 – our backlog that helped us
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2022 Q1
10 Sep 22
Gross margin expanded 480 basis points in the first quarter, driven by 390 basis points increase in product margins and our resistance to promote the business, as demand trends began to slow.
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2022 Q1
10 Sep 22
I know we're giving up some share because we're not promoting
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2022 Q1
10 Sep 22
there may be short-term risk of market share loss by choosing not to promote
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2022 Q1
10 Sep 22